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2013 (6) TMI 438 - ITAT AHMEDABADExpenditure owing to distribution of gifts to members/staff - whether be considered as incurred for the purpose of business? - Held that:- If any expenditure is wholly or exclusively incurred by on assessee-businessman with a view to preserving and augmenting his business prospects in future, such expenditure would be an allowable, expenditure as per section 37. The assessee co-operative bank has distributed gifts to the children of its members such distribution of gifts was allowable as business expenditure as decided in Karajan Co-operative Cotton Sales (1992 (1) TMI 39 - GUJARAT High Court). Thus expenditure was allowed. In favour of assessee.
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